Last 24 quarters of trend data · Financial Services · Financial - Capital Markets
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
EV/EBITDA has expanded 2394.4% YoY to 191.2x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 145.77 | — | 10.86 | 8.67 | 13.84 | 28.75 | — | — | 17.53 | — | — | — | — |
| — | — | — | — | -21.1% | — | — | — | — | — | — | — | — | |
| P/S Ratio | 37.64 | 17.61 | 11.04 | 4.40 | 2.36 | 4.60 | 7.34 | 7.79 | 2.79 | 3.05 | 1.89 | 1.92 | 3.62 |
| — | +282.7% | +50.4% | -43.5% | -15.5% | +50.9% | +288.6% | +304.7% | -23.0% | +153.2% | -48.3% | -29.8% | -73.6% | |
| P/B Ratio | 6.98 | 3.40 | 3.69 | 1.81 | 0.98 | 1.69 | 1.41 | 1.59 | 0.89 | 1.36 | 0.85 | 0.86 | 0.54 |
| — | +101.6% | +161.0% | +14.3% | +9.4% | +24.0% | +66.1% | +83.9% | +66.7% | +454.5% | +70.0% | +112.4% | -77.7% | |
| P/FCF | — | 6.06 | — | 45.14 | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 97.06 | 191.20 | 298.94 | 13.58 | 4.62 | 7.67 | — | 114.32 | 5.91 | 20.17 | 407.02 | — | — |
| — | +2394.4% | — | -88.1% | -21.7% | -62.0% | — | — | — | — | — | — | — | |
| EV / EBIT | 1111.57 | — | 4.51 | 10.30 | 13.76 | 28.63 | — | — | 12.39 | — | — | — | — |
| — | — | — | — | +11.1% | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
IREN Limited's operating margin was -43.9% in Q2 2026, down 12.1 pp QoQ and down 70.2 pp YoY. This marks the 5th consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor. The trailing four-quarter average of -12.3% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin contracted 88.6% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.3% | 10.7% | 62.9% | 26.9% | 95.0% | 94.1% | 85.8% | -32.8% | 92.0% | 89.8% | 87.9% | 80.2% | 78.2% |
| — | -88.6% | -26.6% | +182.0% | +3.2% | +4.7% | -2.3% | -140.9% | +17.7% | +27.5% | +23.6% | +4.5% | -13.5% | |
| Operating Margin | 3.5% | -43.9% | -31.8% | 2.4% | 24.0% | 26.4% | -99.0% | -42.3% | 11.1% | -5.2% | -21.6% | -28.2% | -46.1% |
| — | -266.3% | +67.9% | +105.7% | +116.5% | +605.5% | -359.0% | -50.0% | +124.0% | +99.4% | +95.4% | +47.2% | -603.6% | |
| Net Margin | 17.4% | -84.1% | 160.1% | 51.0% | 16.4% | 16.0% | -95.1% | -48.4% | 15.9% | -12.3% | -15.4% | -20.2% | -27.0% |
| — | -625.6% | +268.4% | +205.4% | +2.9% | +230.4% | -516.9% | -139.1% | +159.0% | +98.8% | +97.1% | +81.5% | -52.7% |
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.0% | -3.8% | 16.4% | 5.9% | 1.8% | 1.6% | -4.6% | -3.0% | 1.6% | -1.5% | -1.7% | -2.3% | -1.1% |
| — | -342.4% | +452.9% | +293.4% | +9.5% | +202.7% | -167.5% | -34.3% | +253.7% | +96.3% | +90.6% | +50.0% | -32.5% | |
| ROA | 4.2% | -1.8% | 10.7% | 3.9% | 1.3% | 1.2% | -4.2% | -2.9% | 1.5% | -1.3% | — | -2.1% | -0.8% |
| — | -249.9% | +351.2% | +234.5% | -16.7% | +196.1% | — | -38.2% | +284.5% | +96.4% | — | +33.7% | -61.5% | |
| ROIC | 0.7% | -0.8% | -1.7% | 0.2% | 1.6% | 1.7% | -3.6% | -2.0% | 0.9% | -0.5% | -1.8% | -2.4% | -1.1% |
| — | -145.9% | +52.2% | +107.6% | +86.7% | +452.0% | -99.2% | +15.5% | +174.8% | +97.9% | +82.9% | -73.4% | -512.7% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
IREN Limited's Debt/EBITDA ratio is 322.1x, up from 109.5x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 428.0% YoY to 4.96x, strengthening the short-term liquidity position.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.53 | 1.53 | 0.34 | 0.53 | 0.23 | 0.25 | 0.00 | 0.00 | 0.00 | 0.00 | — | 0.00 | 0.00 |
| — | +515.2% | +14484.5% | +43964.0% | +8867.7% | +6888.2% | — | -74.6% | -38.4% | -99.1% | — | -98.1% | -97.8% | |
| Debt / EBITDA | 4.86 | 322.08 | 109.47 | 14.17 | 3.91 | 4.75 | — | 0.45 | 0.12 | 0.25 | — | — | — |
| — | +6674.7% | — | +3038.4% | +3247.5% | +1766.7% | — | — | — | — | — | — | — | |
| Current Ratio | 4.29 | 4.96 | 5.52 | 4.29 | 0.46 | 0.94 | 1.09 | 8.86 | 7.47 | 3.38 | — | 3.72 | 3.72 |
| — | +428.0% | +407.3% | -51.5% | -93.8% | -72.2% | — | +138.3% | +101.0% | +534.2% | — | +97.4% | -25.4% | |
| Quick Ratio | 4.29 | 4.96 | 5.52 | 4.29 | 0.46 | 0.94 | 1.09 | 8.86 | 7.47 | 3.38 | — | 3.72 | 3.72 |
| — | +428.0% | +407.3% | -51.5% | -93.8% | -72.2% | — | +138.3% | +101.0% | +534.2% | — | +97.4% | -25.4% | |
| Interest Coverage | 1.86 | -30.68 | 62.99 | 17.24 | 3.55 | 2.88 | -620.89 | -215.94 | 55.73 | -81.17 | -134.76 | -70.96 | -4.38 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 24 years · Updated daily
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IREN Limited's current P/E is 145.8x. The average P/E over the last 3 quarters is 11.1x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
IREN Limited's current operating margin is 3.5%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking IREN Limited's business trajectory between earnings reports.